# Approval of Resolution Plan - Kejriwal Sugar Agencies Private Limited

> NCLT judgment dated 2025-12-16. Citation: TCN-2025-NCLT-01900. S.K. Agarwala & Co., an Operational Creditor, initiated Corporate Insolvency Resolution Process…

- **Court:** NCLT
- **Order date:** 16 Dec 2025
- **Citation:** TCN-2025-NCLT-01900
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/approval-of-resolution-plan-kejriwal-sugar-agencies-private-limited-016ee509

## Summary

### Background

S.K. Agarwala & Co., an Operational Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Kejriwal Sugar Agencies Private Limited, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC). The petition, bearing CP IB No. 14/KB/2023, was filed due to an alleged default amount of Rs. 2,05,57,612/-. The Kolkata Bench of the NCLT admitted the Corporate Debtor into CIRP on 22nd April, 2024, and appointed Rajnandan Kumar as the Interim Resolution Professional (IRP).

## Facts

S.K. Agarwala & Co. filed a petition under Section 9 of the IBC to initiate CIRP against Kejriwal Sugar Agencies Private Limited due to a default of Rs. 2,05,57,612/-.

The Kolkata Bench of NCLT admitted the Corporate Debtor into CIRP on April 22, 2024, and appointed Rajnandan Kumar as the Interim Resolution Professional (IRP).

The IRP made a public announcement on April 26, 2024, in Business Standard (English) and Aajkaal (Bangla) to invite claims from creditors.

The Committee of Creditors (CoC) was constituted, with ICICI Bank Ltd holding 74.04% voting share, Himatsingka Chemicals Private Limited holding 12.10%, and Abhishek Chemicals Pvt. Ltd. holding 13.86%.

The CoC approved the Resolution Plan submitted by Sakuma Exports Limited with a 74.04% voting share.

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Sakuma Exports Limited meets the requirements of Section …

**Ratio:** The NCLT found that the Resolution Plan satisfies the requirements of Section 30(2) of

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**Reasoning:** The Resolution Plan provides for the payment of insolvency resolution process costs,

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**Interpretation:** Section 30(2) of the IBC outlines the mandatory requirements that a resolution

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**Application:** The NCLT reviewed the Resolution Plan and found that it complied with the

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## Parties

- **Judges:** Rekha Kantilal…; Labh S…
- **Appellants:** S.K. Agarwala &…; Rajnandan…
- **Respondents:** KEJRIWAL SUGAR…
- **Other parties:** ICICI Ban…; Himatsingka…; +1 more
- **Advocates:** Tanvi Luha…; Shivam G…; +1 more

## Timeline

- **2023 — Initiation…**: S.K. Agarwala & Co. filed a company petition bearing CP IB. No. 14/KB/2023 under section…
- **2024-04-22 — Admission in…**: This Tribunal, Kolkata Bench, by an order dated 22nd April, 2024, admitted the Corporate…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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